Divorce Settlement

How the State Divides Property

Two ways property can be divided in a divorce is through equitable distribution or through a community property divorce settlement. Most states use equitable distribution for property division. Only eight states have community property laws in place; they include:

1. Arizona
2. California
3. Idaho
4. Louisiana
5. Nevada
6. New Mexico
7. Texas
8. Washington
9. Wisconsin
10. Alaska (if both spouses agree)

Community Property

In community property states, all property a couple gains during the marriage is divided equally. Though there are some restrictions, these state laws declare that parties in divorce matters jointly owned most assets each received during the marriage and therefore, during the divorce settlement, those assets should be divided evenly. Property parties had prior to the marriage or gained outside of the marriage is considered separate property.

Equitable Divorce Settlement Distribution

States which divide property based on equitable distribution consider several things to determine how a couple should divide property in a divorce settlement, including, but not limited to:

• How the divorce will economically affect each party
• Infidelity of one or both spouses
• Contributions of homemakers
• Which parent children will live with
• Future expenses related to educating children
• Past and future medical expenses
• Well-being of each party, including age and health status
• Prenuptial or other agreements made by parties before the marriage commenced
• Past and future wages from employment

Do I Need an Attorney to Settle?

Just as there are few people who should file an uncontested divorce, it is in the best interest of most people to enter into a divorce settlement only while under the guidance of an attorney. In most cases, it is a necessity for those who have minor children. A local lawyer is best equipped to answer any questions you have about ending your marriage.

Write Down Expectations

Before a judge is able to issue a Divorce Decree dissolving your marriage, you and your spouse have to agree on many things. Give your attorney a list of issues you expect to be decided during your divorce settlement negotiations. Expressly state how you would, ideally, like the court to decide on these issues. Keep in mind that you have to compromise with your spouse, so be realistic when making your list. Note any issue, no matter how insignificant, you think may matter.

Questions to Answer Before Settling

This list is, by no means, exhaustive. In addition to the issues listed under equitable distribution above, use these questions only as a starting point for writing the above referenced list to your attorney. Be as detailed as possible, noting account numbers, dates, mailing addresses, telephone numbers, etc.

Assets and Debts

1. Who gets the family home?
2. How is any property, including cars, furniture, valuables, jewelry etc., other than the family home, distributed? Go through your home and write down everything of value.
3. How is money in the bank, retirement plans, investments, whole life plans, etc. distributed?
4. Who receives tax refunds? Pay tax debt? Have the right to claim children on taxes?
5. Does either party own any separate property?
6. How is debt divided?

Child Custody and Alimony

1. How much, if any, alimony or spousal support will be paid?
2. Who gets custody of any minor children?
3. What are the visitation rights of the non-custodial parent?
4. How much child support must each party pay?
5. Who pays for the elementary, secondary and college education of the children?
6. Who pays for past and future medical expenses? Health insurance?
7. Who keeps the family pets?

In Conclusion

This article should not, in any way, substitute real legal advice and is for informational purposes only. Read the law yourself and get help from an attorney licensed in your state.

Comment on Divorce Settlement

(Displayed with your comment)                        (Will not be displayed)

Verification Code: